At a Glance
Stove Kraft Ltd, the maker of your mom’s favorite Pigeon cooker, reported Q1 FY26 with ₹340 Cr revenue (+8% YoY) and ₹10.4 Cr Net Profit (+27% YoY). Margins hovered around 10% OPM, proving they can still fry profits amid rising input costs. Stock jumped 3.6% to ₹597, but with a P/E of 51, it’s as expensive as the kitchen appliances they sell.
Introduction
Here’s a company that started with pressure cookers and now pressures investors with its valuations. With brands spanning value (Pigeon), semi-premium (Gilma), and premium (Black+Decker), Stove Kraft wants to be everywhere in your kitchen. But is this just a home appliance play, or a potential multibagger hiding in plain sight? Let’s turn up the heat.
Business Model (WTF Do They Even Do?)
- Products: Pressure cookers, hobs, cookware, LED bulbs, and even oxymeters (talk about diversification).
- Brands: Pigeon (mass market), Gilma (semi-premium), and Black+Decker (premium).
- Strategy: Low-cost manufacturing + expanding distribution = market dominance in affordable kitchen appliances.
Roast: They want to sell you everything from frying pans to LED bulbs. At this rate, expect Pigeon-branded smart fridges soon.
Financials Overview
Q1 FY26:
- Revenue: ₹340 Cr (+8% YoY)
- EBITDA: ₹36 Cr (OPM 10%)
- Net Profit: ₹10.4 Cr (+27% YoY)
- EPS: ₹3.16
Commentary: Revenue growth is modest, but profit growth is sizzling thanks to cost controls and product mix.
Valuation
